Mediaboss Marketing

FinTech refers to any idea or innovation that improves or optimizes the way individuals or companies conduct financial activities. Early FinTech concentrated on developing add-on products to complement existing financial services.

This combination of finance and technology has spawned a slew of valuable goods and services that redefine financial services and make them more accessible to the general public. Some of these products and services include insurance aggregators, mobile wallets, AI investment management advisers, peer-to-peer (P2P) lending and crowdfunding tools, and platforms for trading financial assets. The cutting-edge solutions that contributed to such technologies include Blockchain, Deep Learning, and Artificial Intelligence (AI). FinTech allows financial services organizations to collect massive amounts of consumer data, determine usage patterns, and even replace human participation with automated algorithms.

The distinction between banks and FinTech is becoming increasingly hazy. It is crucial to understand that banks and FinTech are not necessarily mutually exclusive. In fact, many well-known banks have evolved from being mere prepaid card providers that link to applications. They have won the right to full-fledged banking licenses after demonstrating to the world that it is feasible to combine sophisticated technology with trustworthy financial services. FinTech can emerge from one of three sources: (1) a stand-alone company develops technologically advanced goods to address unique market concerns; (2) a company develops a full-fledged body to become a complete bank; or (3) a conventional bank incorporates technological advancement by acquiring a smaller FinTech to modernize its service.

SIGNIFICANCE OF ARTIFICIAL INTELLIGENCE IN FINTECHArtificial intelligence (AI) is gradually gaining a foothold in practically every business in the twenty-first century. FinTech is used mostly to improve and automate different financial operations. With the advent of knowledge engineering, financial institutions employ AI-based models in conjunction with their FinTech apps to maximize operations and revenue.

Some of the major significant uses of AI in FinTech are:

Large-scale wealth and finance management: Traditionally, the wealth management sector has catered to high-net-worth individuals. AI solutions are assisting to considerably expand this industry by allowing it to scale its ability to supply to a much larger segment of the population. In addition to specific financial advice, the AI may analyze spending habits to ensure that customers have adequate emergency money and provide continually updated net worth predictions for improved retirement planning.

Enhanced security: Many FinTech firms and conventional financial institutions are already using AI-based solutions for various fraud monitoring and prevention applications, but there is always room for improvement as fraudsters escalate their attacks.

Contract management: Contracts are an integral aspect of the financial business, as they are in many other sectors. Keeping track of all contracts, whether between institutions and clients or between enterprises, requires a significant amount of effort. AI can assist in speeding up this process by combining optical character recognition (OCR), machine learning (ML), and natural language processing (NLP).

Improved customer services: Through intelligent software bots, AI has been able to fill a need in this field. These bots suggest personalized products and services that better meet customers needs and demands. Financial institutions that employ chatbots have ample motivation to keep using and enhancing them, with worldwide savings from chatbot use anticipated to exceed $7 billion by 2023.

RISK FACTORS ASSOCIATED WITH ARTIFICIAL INTELLIGENCE IN FINTECHWhile the applications listed above demonstrate how technology is revolutionizing the financial industry, the deployment of AI is not without hazards. The primary factors that need to be understood are:

Embedded bias: The increasing use of AI in the financial sector, which is heavily regulated and where public confidence is critical, has sparked debate over the potential of inherent bias. Embedded bias is defined as computer systems that routinely and unjustly discriminate against some persons or groups of individuals in favor of others. Customer classification algorithms applied in AI/ML might lead to prejudice in the banking industry through price or service quality differentials. Biases in AI/ML judgments are frequently caused by biased training data derived from existing biased processes and data sets, which teach automation models to be prejudicial.

Explainability and complexity: The term explainability refers to the concept that AI models and their outputs can be expounded to humans at an acceptable level. The explainability of AI results is critical, especially when utilized in the financial industry. Because they are not easily explainable by the user, AI is sometimes referred to as a black box. This trait may make detecting the appropriateness of AI conclusions difficult, exposing businesses to vulnerabilities such as skewed data, inappropriate modeling methodologies, or wrong decision making, thus undermining faith in their robustness.

Privacy factors associated with data: AI raises new and distinct privacy concerns. Big data privacy problems are well recognized and even precede the mainstreaming of automation. Tools have been created to aid in the preservation of data anonymity and data subjects privacy. Legal data policy frameworks are being implemented across the world to address these problems. However, the resilience of AI models in limiting data leakage from the training data set poses additional privacy problems.

Cognizant of the abounding risks, enterprises should leverage on the agile nature of technology and adapt to new work methods. This would reshape the organizations ways of doing things through the use of intelligent software bots, minimize manpower costs by utilizing AI and robotic process automation, and most importantly, enhance security, employee engagement, and client satisfaction. As the financial sectors use of AI and ML continues to surge, it is becoming a must to have professionals who are very much capable of optimizing the usage of advances in processing power, data storage capacity, big data, and modeling.

The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only, and should not be used as a substitute for specific advice.

Jan Brian P. Despi is a senior associate at the DTS Department of Isla Lipana & Co., the Philippine member firm of the PwC network.

jan.brian.despi@pwc.com

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Artificial Intelligence: FinTech's innovation driver - BusinessWorld Online

HOLMDEL, N.J.

etherFAX today announced an artificial intelligence (AI) solution that facilitates advanced capabilities of searchable PDF, OCR, and other Key Value Pairs. These new capabilities are ideal for healthcare and organizations that need to extract data from a broad range of applications and systems. Using Microsofts Cognitive Services, etherFAX AI extracts and digitizes data from a range of unstructured documents and forms to eliminate information silos and dramatically improve processes and workflows.

Today,clinical care teams and healthcare administrative teamsstill spend a considerable amount of timetyping in, clicking through, and editing electronic health records. Manually keying in patient data into fields isnot onlytime-consuming and inefficient,but also can be inaccurate and unreliable.

etherFAX AI reduces error rates associated with manual data entry by extracting information that is stored in unstructured document types, such as PDFs and paper-based forms. The solution digitizes data that can be searchable and ready to be integrated into workflows and applications, such as EMRs. To improve interoperability and reduce information silos, form recognition allows users to easily incorporate data into third-party workflows and share information across platforms.

Healthcare providers must be able to share, access, and analyze data fast and accurately, said Paul Banco, CEO and co-founder of etherFAX. Automated data extraction transforms content locked in unstructured formats into usable, structured information. For healthcare organizations specifically, etherFAX AI ensures less time is spent on manually entering and searching for information, helping to deliver a quality patient care experience, process claims faster, and receive timely payments.

etherFAXs AI solution for document data extraction can be used with multiple formats including JPG, PNG, PDF, and TIFF, while results can be extracted into JSON or XML formats. Extracted data can be mapped to third-party systems, allowing tasks such as indexing patient records, scheduling and referrals to be automated. As staff no longer has to spend valuable time unlocking unstructured data trapped in form images, they can focus onmore value-added items and care initiativesto improvepatient health outcomes.

To learn more about data extraction from etherFAX, visit the corresponding solution page:http://www.etherfax.net/solutions/artificial-intelligence

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Founded in 2009, etherFAX offers a secure document delivery platform and suite of applications widely used across a broad range of industries to digitize workflows and optimize business processes. As a leading provider of hybrid-cloud fax solutions supporting healthcare enterprises, etherFAX securely transmits protected health information and high-resolution, color documents directly to applications and devices with end-to-end encryption and ultra-fast transmission speeds. With more than 6 million connected endpoints, etherFAX is the worlds largest document exchange network, supporting every major fax server, application, and fax-enabled device. The etherFAX partner network continues to grow and evolve to strengthen platform-agnostic document delivery to and from fax providers, fax servers, EHRs, and Health Information Exchanges. etherFAXs secure, cloud-based, and encrypted data exchange solutions are SOC 2 compliant, HIPAA compliant, PCI DSS certified, and HITRUST CSF certified. For more information, visitwww.etherfax.net, call us at 877-384-9866, or email [emailprotected]

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etherFAX Unlocks Structured Data and Eliminates Information Silos with its Artificial Intelligence Solution for Automated Data Extraction - Healthcare...

Sanjay Gupta, Global Head of Product, at Mitek shares his 2022 predictionson the rise of touchless technologies, the impacts of digital banking, and the increasing use of voice and behavioral biometrics to verify identification.

Touchless technology will gain adoption in new industries

Technology designed to reduce friction in consumer behavior and improve the overall user experience will continue to see adoption, and in more sectors than years past. Weve seen airlines begin to rollout touchless airport technologies to speed passengers through airports. In 2022, well see more airlines use touchless technologies, as well as new industries like concert/sports arenas, public transportation, stores, and more. In addition to decreasing wait times in lines, biometrics-based authentication also prevents ticket fraud, an issue that's been on the rise in recent years as more consumers are buying digital event tickets.

During the height of COVID fears, consumers were no longer coming into big branches to manage their finances, and competition from smaller more digitally focused banking groups began to steal customers away. As a result,banks poured an influx of funds into their digital strategies to add more value for digitally-minded consumers, and in seeing the success of those efforts last year, will continue to push for moremobile-first, customer-focused technologies in 2022. These digital services will focus heavily on minimizing friction to make apps faster and easier to access. Combining a focus on digital technologies with consumers longstanding trust in the banking industry will also provide opportunities for banks to explore newer and sometimes riskier financial services, such as decentralized finance, where consumer interest is growing.

Voice and behavioral biometrics are the future of authentication

The use of AI, including biometrics, to verify identification and support secure online transactions will continue to expand in 2022.According to new researchfrom airports that have implemented biometrics systems in 2021, many consumers support these common types of identity verification, such as fingerprint matching. In the next year, we will hear more about behavioral biometrics and voice matching as these new methods enable people to conduct business and transactions online more securely.

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Artificial Intelligence authentication in 2022 - App Developer Magazine

Imagine a day in the future when you wake up to an alarm buzz of a smart assistant. Well, you may wonder is that not something available already in the present day? Thats right, but what if the smart assistant also transforms itself into a smart fitness trainer that can interact and guide on a personalised workout routine depending on your wellness goals, prevailing health conditions, and recovery needed based on previous nights sleep pattern?

Yes, in future, those smart assistants could become ones true wellness companion to help individuals keep up with their habits and maintain healthy lifestyle be it Mindfulness, Exercise, Diet, and Sleep (MEDS).

That day in the future is not too far away.

The pandemic has driven an unprecedented digital transformation and shifted the gears to accelerate on the adoption of at-home fitness and wellness technologies.

From smart mats and smart mirrors to kettlebells and cycling bikes, everything is connected to understand the users lifestyle better to create a more holistic and personalised fitness journey and deliver an immersive virtual workout experience straight to individuals fitness / living room.

Based on the evidence and various case studies, a healthy lifestyle with daily MEDS discipline has been found to hold the potential to reverse the lifestyle diseases and eventually replace the prescribed meds.

While it is true that world is slowly coming out of the pandemic and people have started cautiously stepping into the gyms, the pandemic fundamentally changed the way we live, play, work, and even workout.

Fitness revolution actually began a few years before the pandemic struck the world. The primary reason was the alarming rise in the heart disease due to inactive lifestyle and mental stress, which according to the WHO report has been the leading cause of death (70 percent) and besides the early onset age down to mid 30s was really concerning.

Around the same time, Yoga became prime movement ever since the UN declared International Day of Yoga on June 21 in 2015, and now, with 300 million practitioners globally. Yoga, a mindful practice of physical postures (asanas) in tandem with the right breathing pattern, when performed under the expert guidance, could reverse many lifestyle diseases such as diabetes, hypertension, GERD, chronic neck, and back pain, and in some cases doctors prescribed it as lifestyle medicine for faster rehabilitation of cancer patients.

As per Google Search, Yoga was reportedly the most widely searched topic during the pandemic, and naturally it has now become part of doctors prescription for preventive healthcare, resulting in the surge in demand for online yoga with content everywhere.

Last five years also observed technology evolution at a speed like never before. Artificial intelligence taking a place in our daily lives is a real thing. Specifically, healthcare industry has adopted AI and same is the case with its adjacent vertical of at-home fitness and wellness.

However, multiple challenges come in the way of integrating the ancient best practices into ones daily lifestyle for a stress-free life --lack of access to good wellness coaches, packed schedules, missing personalised attention in yoga classes, lack of consistent motivation, overwhelming online content causing injury than good, and lastly, no tangible ways to track ones progress.

Flexibility is a vital factor that has been associated with improved performance and reduced sports related injuries.

By adopting a mind-body lifestyle approach, yoga - that teaches mindfulness along with physical activity - is well suited for stress and symptom management. It is also safe to say that yoga along with modern medicines has been an effective intervention in the treatment of chronic non-communicable diseases

According to areport by Research N Reports, the value of the global fitness technology market is estimated to grow from $17.9 billion in 2019 to $62.1 billion by 2025.

Fast-paced lives and hectic lifestyles in the contemporary times have made it difficult for us to make time to go to the gym. Not everyone can find the motivation to travel long distances to work-out and this is where AI comes in the picture.

AI provides users with a step-by-step workout session that they can enjoy from the comfort of their home, finding balance between work and yoga. An AI-based assistant guides people to accurately perform asanas to enhance flexibility and balance.

Now, anyone can practice Yoga at home without travelling and worrying about additional expenses, anytime, with the help of voice assistant that gives flawless instructions to improve the poses of the practitioner.

A few visionary and innovative startups have already scripted this future with their smart and connected fitness tech equipment in the market and paving the way for this tech to evolve and build a healthy generation and happy community in future.

This technological advancement must be unconventional for Yogis but these concepts are gearing up to reach larger audiences. Virtual Yoga assistance is being adopted by people in large numbers lately, making obvious that Tech Yoga is here to stay.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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How artificial intelligence will power the future of fitness and well-being - YourStory

January 5, 2022 Hamburg, Germany, based Mindpeak and Spokane, Wash., based Gestalt Diagnostics have achieved a major success on their way to improve patient care with Digital Pathology and Artificial Intelligence (AI). US based BioReference Laboratories, Inc., an OPKO Health company and one of the largest laboratories in the United States with 19 million patients per year, is now using Gestalt Diagnostic's Digital Pathology Solution with Mindpeak's AI-based cancer diagnostics BreastIHC algorithm in routine practice. The algorithm is being used for the quantification of breast cancer cells.

The AI software is integrated into Gestalt Diagnostics's PathFlow platform for streamlined access and workflow for BioReference's pathologists and external pathology customers. This makes BreastIHC the first AI-based product in pathology to be used in routine clinical practice in the United States.

"The combination of Gestalt's digital workflow platform and MindPeak's AI offers BioReference customers AI-assisted diagnostic tools that provides streamlined, optimal patient care," said, Ellen Beausang, Senior Vice President of Advanced Diagnostics at BioReference Laboratories. "Patient care is placed at the forefront of innovation at BioReference and as an organization, we strive to deliver the best possible result for patients and their families."

"This is a major advancement in the laboratory industry and we are proud to work closely with our customer, BioReference Laboratories, and our partner, MindPeak, to be able to accomplish such a historic milestone", said Dan Roark, Chief Executive Officer, Gestalt Diagnostics. "BioReference is widely known for its innovation and mindset of embracing technology to enhance patient care while increasing efficiency, safety and accuracy. We are proud to have been selected by them to provide PathFlow as their digital pathology platform - enabling the seamless integration of AI directly within their pathology workflow."

"We are excited about this important step for improving patient care and improving patients' lives. BreastIHC is now being used in clinical routine in the US as the first AI-based solution ever. BioReference Laboratories is a well-known innovation leader in the field and can now leverage the power of AI solutions in its digital workflow," explained Felix Faber, CEO of Mindpeak.

BioReference submitted a validation of the diagnostic tool as a Laboratory Developed Test (LDT) to regulatory authorities and received all necessary approvals and clearance for clinical routine use in the integrated combination of Gestalt's digital pathology solution and MindPeak's AI solution.

BreastIHC is a plug-and-play solution that enables pathology laboratories to instantaneously detect, classify and quantify breast cancer cells stained with immuno-histochemistry. BreastIHC classifies cells into positively stained tumor and unstained tumor cells. A great advantage is its ability to differentiate between tumorous and non-tumorous structures, improving the scoring in the tumor microenvironment. "Extensive validation of our algorithm in multiple contexts has shown its reliability under a wide range of laboratory conditions and customers confirm significant increase in reporting speed and throughput", says Faber.

At BioReference, the analysis tool BreastIHC is deeply integrated into the image management system platform, PathFlow, of Gestalt Diagnostics. PathFlow is a universal, easy to use digital platform for pathology laboratories. "Through our platform, we enable Pathologists to interpret, and diagnose patient cases quickly, efficiently, and in a fully automated fashion. We provide enterprise solutions and services to transform anatomic pathology laboratories from glass slides, microscopes and couriers to a fully interoperable, automated, electronic digital workflow", says Lisa-Jean Clifford, COO & Chief Strategy Officer, Gestalt Diagnostics.

For more information: http://www.bioreference.com

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Gestalt Diagnostics and MindPeak Provide the First Artificial Intelligence Based Diagnostics Solution Used in Clinical Routine Pathology in the USA -...